In a recent trading activity, a major cryptocurrency wallet successfully liquidated 4.64 million Virtual Protocol (VIRTUAL) coins, netting a profit of $5.32 million in just 12 hours.
Selling VIRTUAL Coins
According to Spot on Chain data, this strategic sell-off allowed the wallet to secure a net gain of $3.98 million, an impressive increase of 224%. During this period, the value of VIRTUAL coins surged by 52%, while the wallet still retains 5.05 million VIRTUAL coins, amounting to an unrealized profit of $4.99 million, equating to 259%.
Exchanging VIRTUAL for LUNA
On-chain data illustrates that this whale had acquired 17 million VIRTUAL coins at an average cost of $0.382 in late October. However, a risky maneuver led to the exchange of 7.2 million of these coins for 18.46 million Terra (LUNA) coins. This transaction resulted in a staggering loss of $1.15 million, reflecting a 39% decrease in value. Had the whale chosen to hold onto the VIRTUAL coins instead, it could have potentially realized a total profit of $16.1 million.
Future Prospects with VIRTUAL Coins
The whale’s wallet still contains 5.05 million VIRTUAL coins, now valued at roughly $9 million. Analysts suggest that by selling these remaining assets, the whale could further enhance its profits. Profits from VIRTUAL sales totaled $5.32 million, but the exchange for LUNA coins led to a $1.15 million loss. Meanwhile, the whale still holds unrealized profits of $4.99 million from remaining VIRTUAL coins.
This series of transactions serves as a valuable lesson in the cryptocurrency landscape, illustrating that while significant profits can be achieved, the inherent risks of market volatility necessitate careful decision-making.
